If the request is accepted, the 15-member committee will vote on whether a payment on Argentine CDS contracts can be triggered. It could meet and make a decision as soon as tomorrow, market participants say, although the process could take longer.

Any ruling that a credit event had occurred would set off a series of insurance payments and give most of Argentina's current bondholders the right to demand their money back immediately. The deadline is Aug. 4, according to analysts. Credit Suisse earlier said CDS were "likely to be triggered".